Suzuki vs Volkswagen: Revenue, Profit and Business Model
Suzuki had ~$42.2B of annual revenue in FY2026 and ~$2.9B of net income. Volkswagen had ~$363.8B of annual revenue in FY2025 and ~$7.5B of net income.
Latest financial snapshot
Suzuki
- Latest annual revenue
- ~$42.2B (FY2026)
- Net income
- ~$2.9B
- Net margin
- 7.0%
- Revenue growth
- +15.2% a year, FY2022–FY2026
Volkswagen
- Latest annual revenue
- ~$363.8B (FY2025)
- Net income
- ~$7.5B
- Net margin
- 2.1%
- Revenue growth
- +4.5% a year, FY2016–FY2025
Financial summary
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
Volkswagen
Volkswagen Group reported ~$364 billion (EUR 321.9 billion) in 2025 sales revenue, slightly below ~$367 billion (EUR 324.7 billion) in 2024, and an operating result of ~$10.1 billion (EUR 8.9 billion), a 2.8% margin. Earnings were held down by U.S. tariffs, restructuring provisions, the cost of Porsche's product strategy change, and weaker results from the Chinese joint ventures. Deliveries were broadly stable at 8.984 million vehicles. The December 2024 agreement with IG Metall for the Volkswagen brand in Germany avoids compulsory redundancies but plans to cut more than 35,000 jobs by 2030 through attrition and early retirement, and to reduce German plant capacity. In the first half of 2026 sales revenue was about $179 billion (EUR 158.1 billion), roughly flat, while the operating result fell 11.6% to about $6.67 billion (EUR 5.9 billion) (3.8% margin). In September 2026 Volkswagen cut its full-year forecast to about $356 billion (EUR 315 billion) in sales revenue and an operating margin of up to 1%, citing China, a faster shift to EVs, a roughly $6.78 billion (EUR 6 billion) goodwill impairment on the Porsche segment, and extra restructuring and China impairments. The Volkswagen Group is one of the largest automakers in the world by sales, with a market valuation hovering around $70 billion.
Revenue and profit by year
Suzuki
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$42.2B | ~$2.9B | 7.0% | +8.0% | Source |
| FY2025 | ~$39B | ~$2.8B | 7.1% | +8.4% | Source |
| FY2024 | ~$36B | ~$1.8B | 5.0% | +15.8% | Source |
| FY2023 | ~$31.1B | ~$1.5B | 4.8% | +30.1% | Source |
| FY2022 | ~$23.9B | ~$1.1B | 4.5% | — | Source |
Volkswagen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$363.8B | ~$7.5B | 2.1% | -0.8% | Source |
| FY2024 | ~$366.9B | ~$12.1B | 3.3% | +0.7% | Source |
| FY2023 | ~$364.2B | ~$18B | 4.9% | +15.5% | Source |
| FY2022 | ~$315.3B | ~$16.8B | 5.3% | +11.5% | Source |
| FY2021 | ~$282.7B | ~$16.8B | 5.9% | +12.3% | Source |
| FY2020 | ~$251.9B | — | — | -11.8% | Source |
| FY2019 | ~$285.5B | — | — | +7.1% | Source |
| FY2018 | ~$266.5B | — | — | +2.2% | Source |
| FY2017 | ~$260.7B | — | — | +6.2% | Source |
| FY2016 | ~$245.5B | — | — | — | Source |
Where the revenue comes from
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
Volkswagen
- Passenger vehicle sales
- Premium and luxury vehicle sales
- Commercial vehicles
- Parts and aftersales
- Financial services
- Leasing and fleet services
- Software and mobility services
Business model and strategy
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's advantage is its engineering of lightweight, fuel-efficient small cars and its position in India through Maruti Suzuki. It holds roughly 40% of the Indian passenger vehicle market, supported by a sales and service network of more than 4,000 outlets, which builds customer trust and gives it cost advantages in affordable cars.
Volkswagen
How it makes money
Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Growth strategy
Volkswagen's growth strategy centers on cost reduction, platform simplification, brand accountability, premium profitability, China-specific EV development, battery and software investment, hybrid and combustion optimization where demand remains strong, and selective partnerships such as Rivian and XPeng.
Competitive advantage
Volkswagen's advantage is industrial scale plus brand breadth. Few competitors can cover entry-level European cars, global volume SUVs, Audi premium vehicles, Porsche sports cars, Lamborghini supercars, Bentley luxury cars, Ducati motorcycles, Scania and MAN trucks, and a major financial services arm. The purchasing leverage and installed dealer base are hard to replicate.
Questions about Suzuki vs Volkswagen
Which company has higher revenue — Suzuki Motor Corporation or Volkswagen Aktiengesellschaft?
Suzuki Motor Corporation had ~$42.2B (FY2026), while Volkswagen Aktiengesellschaft had ~$363.8B (FY2025). By latest annual revenue, Volkswagen Aktiengesellschaft is the larger business, with Suzuki Motor Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Suzuki Motor Corporation vs Volkswagen Aktiengesellschaft?
Suzuki Motor Corporation's market capitalisation stands at $26.0B, while Volkswagen Aktiengesellschaft's is $35.5B. Volkswagen Aktiengesellschaft carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Suzuki Motor Corporation.
How does revenue per employee compare for Suzuki Motor Corporation and Volkswagen Aktiengesellschaft?
Suzuki Motor Corporation has $602k / employee in revenue per employee, while Volkswagen Aktiengesellschaft has $549k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Suzuki Motor Corporation and Volkswagen Aktiengesellschaft make money?
Suzuki Motor Corporation and Volkswagen Aktiengesellschaft generate revenue in fundamentally different ways. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Volkswagen Aktiengesellschaft: Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Which company is valued higher relative to revenue — Suzuki Motor Corporation or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, Suzuki Motor Corporation trades at 0.6x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. Suzuki Motor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Volkswagen Aktiengesellschaft. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Suzuki Motor Corporation bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) is the larger company compared to Suzuki Motor Corporation (~$42.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Suzuki vs Volkswagen overview